Credit Suisse Upgrades Teva Pharma (TEVA) to Outperform; 'Valuation Now a Treat'
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Credit Suisse upgraded Teva Pharma (NYSE: TEVA) from Neutral to Outperform with a price target of $52.00 (from $59.00), saying while some tricks may lie ahead valuation is now a treat.
Analyst Vamil Divan commented, "Given the sell-off in TEVA shares since May, we feel most of the risk around Copaxone and the US generics market is now priced into the shares. While some near-term risks do remain, our bull/bear scenario analysis suggests a bear case valuation of ~$41 but a bull case valuation of ~$63, highlighting an attractive risk/reward at current levels. We lower our blended (75% relative/25% DCF) base 12-month target price to $52 (from $59), suggesting ~23% upside from the last closing price."
Shares of Teva Pharma closed at $42.32 yesterday.
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